Ethereum has dropped below $1,550, and chart analysts say downside pressure is still in place. According to More Crypto Online, ETH remains under strain after breaking beneath a bearish flag pattern and repeatedly failing to reclaim the descending trendline that has capped price action since the April peak. The latest rejection at that line suggests the correction is not finished.
Descending trendline remains the key barrier
Using Elliott Wave analysis, More Crypto Online said Ethereum appears to be moving through a broader C-wave decline. In that setup, the $1,550 to $1,400 range stands out as the next notable support zone. Analysts are also watching Fibonacci levels near $1,554 and $1,599, where short-term market reactions could emerge. Brief rebounds may still occur after sharp drops. That said, the broader bearish structure stays intact as long as ETH remains below the falling trendline.
The firm added that only a decisive move above that descending line would invalidate the current bearish setup. A bounce alone would not be enough to confirm a reversal; price would need to establish itself above the trend barrier.
Loss of $2,282 shifts focus to deeper support
Ali Charts said in its weekly outlook that Ethereum has already fallen into the $1,560 area, meeting its first downside target. After the break below $2,282, the longer-term technical focus moved toward lower support zones. On the weekly chart, $2,282 had acted as a major pivot. Once that level gave way, sellers regained control and pushed ETH to roughly $1,549, aligning with the earlier projection centered on $1,560.
From there, the next major downside level highlighted on the chart is $1,069 to $1,070. That area marked an important low in a previous market cycle. If the present decline continues, attention could shift more clearly toward that zone. On the upside, the chart shows distant resistance around $3,335 and $4,868, both far above current prices.
Weekly structure still shows lower highs and lower lows
Ali Charts said $1,069 remains relevant as long as Ethereum stays below $2,282. The weekly structure continues to show a sequence of lower highs and lower lows. That pattern points to bearish control for now, while the $1,550 to $1,400 band becomes the nearest area traders are watching for support.